Alabama § 11-54-93 Disposition of Net Earnings of Boards

Alabama Statutes

§ 11-54-93 — Disposition of Net Earnings of Boards

Alabama § 11-54-93

JurisdictionAlabama

Title 11Counties and Municipal Corporations

Ch. 54Promotion of Industry, Trade, Commerce and Pollution Control

Art. 4Industrial Development Boards

Div. 1General Provisions

This text of Alabama § 11-54-93 (Disposition of Net Earnings of Boards) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 11-54-93 (2026).

Text

The industrial development board shall be a nonprofit corporation, and no part of its net earnings remaining after payment of its expenses shall enure to the benefit of any individual, firm, or corporation; except, that in the event the board of directors of the board shall determine that sufficient provision has been made for the full payment of the expenses, bonds, and other obligations of the board, then any net earnings of the corporation thereafter accruing shall be paid to the municipality with respect to which the board was organized.

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The industrial development board shall be a nonprofit corporation, and no part of its net earnings remaining after payment of its expenses shall enure to the benefit of any individual, firm, or corporation; except, that in the event the board of directors of the board shall determine that sufficient provision has been made for the full payment of the expenses, bonds, and other obligations of the board, then any net earnings of the corporation thereafter accruing shall be paid to the municipality with respect to which the board was organized.